Business, 16.04.2020 17:59 pchaneh31

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $22,162. Franklin's August bank statement shows $21,437 on deposit in the bank. Determine the adjusted cash balance using the following information:

Deposit in transit $7,200
Outstanding checks $5,700
Bank service fees, not yet recorded by company $140
The bank collected on a note receivable, not yet recorded by the company $915

The adjusted cash balance should be:

a. $22,937
b. $28,637
c. $23,077
d. $15,737.
e. $22,022

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Franklin Company deposits all cash receipts on the day they are received and makes all cash payments...

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